Wellington Management Group LLP Lowers Stock Position in Stride, Inc. $LRN

Key Points

• Wellington Management cut its Stride stake by 46.9% in the second quarter, selling 192,693 shares and retaining 218,113 shares worth approximately $18.8 million.
• Other major investors increased exposure or initiated positions, including Jupiter Topco’s roughly $199.7 million purchase and Janus Henderson’s 61% stake increase. Institutional investors collectively own 98.24% of Stride.
• Stride beat quarterly earnings expectations with EPS of $2.12 versus $1.64 forecast and revenue of $636.1 million, though revenue declined 2.7% year over year. Analysts maintain a consensus “Hold” rating with a $109.75 price target.

Wellington Management Group LLP lowered its stake in shares of Stride, Inc. (NYSE:LRN - Free Report) by 46.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 218,113 shares of the company's stock after selling 192,693 shares during the quarter. Wellington Management Group LLP owned 0.52% of Stride worth $18,810,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Jupiter Topco LLC purchased a new position in shares of Stride in the second quarter worth about $199,715,000. Norges Bank bought a new position in shares of Stride during the fourth quarter valued at approximately $72,871,000. Janus Henderson Group PLC raised its holdings in Stride by 61.0% in the 1st quarter. Janus Henderson Group PLC now owns 2,277,279 shares of the company's stock worth $200,799,000 after purchasing an additional 862,849 shares in the last quarter. William Blair Investment Management LLC bought a new position in Stride in the second quarter worth about $71,036,000. Finally, Morgan Stanley lifted its stake in shares of Stride by 98.1% in the 4th quarter. Morgan Stanley now owns 1,631,570 shares of the company's stock valued at $105,938,000 after purchasing an additional 808,141 shares during the period. 98.24% of the stock is owned by hedge funds and other institutional investors.

Stride Stock Up 0.2%

LRN opened at $84.86 on Monday. The firm's fifty day moving average is $85.90 and its 200 day moving average is $88.35. Stride, Inc. has a fifty-two week low of $60.61 and a fifty-two week high of $166.93. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 11.79, a price-to-earnings-growth ratio of 0.49 and a beta of 0.11. The company has a debt-to-equity ratio of 0.29, a quick ratio of 5.81 and a current ratio of 5.94.

Stride (NYSE:LRN - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.48. Stride had a return on equity of 23.49% and a net margin of 13.43%.The firm had revenue of $636.06 million during the quarter, compared to analysts' expectations of $626.52 million. During the same quarter last year, the business posted $2.29 earnings per share. The firm's revenue was down 2.7% on a year-over-year basis. On average, sell-side analysts forecast that Stride, Inc. will post 8.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. William Blair cut shares of Stride from an "outperform" rating to a "market perform" rating in a research report on Thursday, July 30th. BMO Capital Markets restated a "market perform" rating on shares of Stride in a research note on Monday, August 31st. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Stride in a research report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $109.75.

Stride Profile

Stride, Inc NYSE: LRN is a technology-driven education company that designs and delivers online learning solutions for students and adult learners. Through long-term partnerships with state-authorized public school districts, Stride operates virtual academies that serve K-12 students across the United States. The company's blended-learning model combines digital curriculum, live teaching support and data analytics to personalize instruction and monitor student progress.

In addition to its K-12 offerings, Stride provides a portfolio of career and workforce readiness programs under its Stride Career Prep division.

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